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Considerations on the Application of Information Technology Tools in Building the Accounting of Entities

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  • Traian Cristin Nicolae

    („Ovidius†University of Constanta)

Abstract

In this paper, in a simplified manner, we try to highlight some problems that have arisen in the context of the digitization of accounting as a booming process, similar to other industries. The reasons for the lower applicability can be found in the exceptionally high regulatory requirements regarding the validity and integrity of accounting data. The whole accounting system is built so that counterfeiting is impossible or at least very expensive. To achieve this, it relies on mechanisms of mutual control, checks and balances. Most of them are manual tasks, which require a lot of work and are far from automated. Blockchain technology can be the next step for accounting: instead of keeping separate records based on transactions, companies can record their transactions directly in a common register. Because all entries are distributed and cryptographically sealed, falsifying or destroying them to hide the activity is virtually impossible.

Suggested Citation

  • Traian Cristin Nicolae, 2021. "Considerations on the Application of Information Technology Tools in Building the Accounting of Entities," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 791-797, August.
    • Handle: RePEc:ovi:oviste:v:xxi:y:2021:i:1:p:791-797
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    More about this item

    Keywords

    blockchain technology; accounting; trends;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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